Bitcoin price broke the key range support at $6,360 against the US Dollar. BTC/USD is currently under pressure, with supports at $6,250 and $6,140.
- Bitcoin price broke the most important range support at $6,360 and declined sharply.
- BTC/USD broke a crucial bullish trend line with support at $6,395 on the 2-hours chart.
- BTC price almost tested the $6,250 support and it is currently recovering.
Bitcoin Price Analysis
After consolidating in a tight range below the $6,480 resistance, bitcoin price faced an increased selling pressure against the US Dollar. BTC/USD declined recently and broke the most important range support at $6,360.
The 2-hours chart indicates that the price failed on many occasions near the $6,480 and $6,500 resistance levels, which finally paved the way for a downside move. The price declined and broke the 50% Fib retracement level of the last wave from the $6,050 low to $6,753 high.
More importantly, the price broke the $6,360 range support and settled below the 100 simple moving average (2-hours). Besides, there was a break below a crucial bullish trend line with support at $6,395 on the same chart.
The price dipped sharply below the 61.8% Fib retracement level of the last wave from the $6,050 low to $6,753 high. It traded close to the $6,250 support area and is currently recovering.
On the upside, the previous support near the $6,360 level and the 100 simple moving average (2-hours) are likely to act as hurdles for buyers. Above these, the main resistance could be near the $6,400 level.
On the other hand, if the price continues to move down, it may soon test the $6,250 support area. Below $6,250, the next major support is near the $6,143 level, which can be considered as the last line of defense.
Overall, the recent break-in bitcoin price below $6,360 has pushed buyers on the back foot. If sellers remain in action below the $6,360 level, there are chances of further declines in BTC/USD in the coming sessions. To recover, buyers need to push the price back above the $6,400 level.